The global economy was hit hard by the impact of the COVID-19 pandemic. The World Bank has estimated that the global economy will slow down from 5.5 per cent in 2021 to 4.4 per cent in 2022, down to 3.2 per cent in 2023. The slow down would be caused by the impact of COVID-19, rise in debt, inflation and income inequality which could jeopardize the global economy further.
In this context, The Halal economy is estimated to grow to US$3.2 Trillion by 2024. It is an industry that is quite diverse with products ranging from foods and beverages, pharmaceuticals, tourism, cosmetics, media etc.
To highlight the potential of the halal industry and the opportunities available, the Global Practice and Partnership Directorate of the Islamic Development Bank would organize a side event, during the Private Sector Forum in Egypt, on the side-lines of the IsDB Group Annual Meeting.
The side event will bring renowned industry players, intellectuals, development experts and leading executives in the halal industry to brainstorm and suggest a ‘call to action’ on how to further rejuvenate the halal industry, create more economic opportunities and awareness of the untapped potential offered by the halal economy.